Draft decree offers more incentives to maritime sector
The Ministry of Transport has recently compiled a draft decree proposing a number of incentives for investors in the maritime sector.
Businesses investing in maritime projects would be entitled to corporate income tax, personal income tax, import duty and export duty reduction as well as land use levy and land and water surface rental reduction or exemption so as to help improve efficiency and feasibility of their projects.
State authorities would not fix specific incentives for all maritime projects but allow investors to reckon and propose tax and land use incentives they deem necessary for their projects. State authorities would consider investors’ proposals and make decisions on the basis of ensuring the harmony of interests between the State and investors.
Investors may seek guarantees and supports for their projects, access to ODA and investment credit loans, etc.
However, to be eligible for incentives, investors would be required to establish enterprises in accordance with law and conduct business activities only after obtaining business license; have sufficient financial capability and human resources to ensure the quality and progress of their maritime projects; establish specialized bodies to take charge of such projects; and satisfy other law-prescribed conditions.